Cooper-Standard reorganises operations

ERJ staff report (RD)

Novi, Michigan - Cooper-Standard Automotive Inc. has announced a reorganisation of its operating and reporting structures, the company announced 26 March.

Effective immediately, the company will discontinue its Body & Chassis and Fluid Systems product line and operate from two new divisions, North America and International (covering Europe, South America and Asia). Cooper said the reorganisation allows it to maintain its full portfolio of global products and provide unified customer contact points, while better managing its operating costs and resources in severe industry conditions. It will result in a reduction in the company's worldwide salaried workforce of approximately 20 percent, the company added.

Edward Hasler will serve as president of the North America division and Keith Stephenson will be come president of the International division. Both are company executives with years of experience within the company.

Hasler has also been named vice chairman of Cooper-Standard Holdings Inc. and Cooper-Standard Automotive Inc., joining the boards of directors of both companies effective immediately. James McElya will resume his former role as ceo in addition to continuing to serve as executive chairman, the company said.

“Cooper-Standard has a long history of proactively adjusting to changing forces in the market,” said McElya. “Our decision to reorganize our operations will enable us to effectively operate in the extremely challenging industry conditions that are persisting, while continuing to provide the same extensive product offering to our global customers.”

The company also announced that Michael Verwilst, former president of Fluid Systems, has been named vice president mergers & acquisitions.

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Press release from Cooper-Standard Automotive